There are many reasons why real estate is a sound investment approach, but in order to maximize your income potential and avoid losses, you’ll need to keep your property occupied with tenants. The good news is that there are plenty of ways you can market your investment property to. Here are three of the most successful tactics property owners can use to attract potential tenants.
1. Use Technology to Your Advantage
Technology has made it easier than ever for property owners to market their properties. For instance, with a decent camera and the right software, you can create a stunning 360° video that shows off your entire property, inside and out, as if the prospective tenant were right there with you. This is especially important today when many tenants do their rental research online first and then narrow down choices based on photos, videos, and descriptions of the property. In other words, most potential tenants won’t come to look at your property unless they’ve already vetted it online, so you should explore different technologies that can make your property most appealing.
2. Post the Listing Far and Wide
The internet makes it possible to reach potential tenants all over the world with the click of a button, and there are thousands of rental sites out there where you can list your property for rent. However, that doesn’t mean you should ignore traditional channels. You can also use a for-rent sign in the window, ads in the local paper and classifieds, postings on bulletin boards, and even good old word-of-mouth advertising. If you're having trouble with vacancies, you can also talk to a property management company or real estate office, but be warned that their services will come with a fee.
3. Get Social
Social media isn't just for cat memes -- there are plenty of ways you can use social media sites like Facebook to market your rental property to potential tenants. Along with creating a great ad or video and sharing it on your own page, you can also encourage friends, family, and past or current tenants to share your post.
Another way to use Facebook to advertise your listing is through groups since many communities and neighborhoods have special groups dedicated to housing solutions. Finally, you can even use Facebook and other social sites to advertise to potential tenants in the demographic you want. Similarly, you can post any videos you have of your property on YouTube and share them widely on other social and rental sites where you're advertising the vacancy.
Vacancies mean a loss in the world of rental properties, so it’s important that you understand and use different channels and resources to advertise a vacancy when you have one. It’s also a good idea to get a head start and set the wheels in motion to find a replacement and as soon as you receive notice that a current tenant is leaving.
Some of the best ways to market a vacancy are by using technology to help prospective tenants get a good feel for the property, by sharing the listing on multiple rental sites and through traditional platforms, and by using social media to reach out widely. If you have more questions about rental properties or want to start an application for financing, contact our team today.